Chile's state-owned Codelco, the world's largest copper producer, has registered a total 3,215 COVID-19 infections and nine deaths due to the pandemic, the chairman of the firm said on Monday, as pressure rises on production of the red metal. Chile's copper miners have largely maintained output despite soaring case numbers in the South American country, though pressure has been mounting for companies to strengthen safety measures, even potentially at the expense of production.
Hedge funds are starting to buy into the rally in copper, which continues to build upside momentum. London Metal Exchange (LME) copper hit a two-year high of $6,633 per tonne on Monday. At a current $6,490, it is now up 5% on levels at the start of the year, having clawed back all its COVID-19 losses. What’s attracting investors back to the copper market is the current bullish mix of strong Chinese demand and fragile Chilean supply.
Chilean mobile operator WOM has partnered with digital enablement and revenue management software provider Alepo to enter the fixed broadband (FTTH) market. Set for a July 2020 launch, the project will be an entirely remote implementation to work around ongoing COVID-19-related travel restrictions. With this project, WOM expects to acquire over 500k subscribers within the first year and eventually build up to 1.5 million subscribers by the end of 2023.
Credit supply in Chile was more restrictive during the second quarter, which is due to the spread of the COVID-19 pandemic in Chile and its strong impact on the economy, according to a survey by the Central Bank. The survey revealed that in loans for housing financing the perception of higher standards for respondents increased from 55 to 82%, while for companies it rose from 79% to 93%.
Canada's Lundin Mining union of supervisors at Candelaria copper mine rejected an announcement of layoffs at the site amidst the pandemic affecting the country. "We were briefly informed that the dismissal is 7% of the own endowment and that it is due to the situation of the country due to the pandemic," the union said in a statement.